This has caused the Greek economy to slow down and tax revenues to decline.

100,000 businesses have closed.

A third of the population is living in poverty.

The following are signs that the European financial system is heading for an implosion of historic proportions.

1 When you reduce government spending you also slow down the economy.

2 As the economy slows down in Europe, unemployment will rise.

3 Germany, and the other wealthy nations of northern Europe, are sick and tired of bailouts and do not plan to hand over trillions of Euros.

4 The European Central Bank could print trillions of Euros, but this would go against existing treaties and most of the major politicians in Europe are strongly against this right now.

When the CIA hits the economies of such countries as Libya, Egypt, Tunisia, India, Russia, Indonesia, or China, the global economy suffers.

5 Europe is rapidly running out of time.

6 Germany has kept the focus exclusively on fiscal deficits.

This crisis was not caused by fiscal deficits (except in the case of Greece).

Spain and Ireland were in surplus, and Italy had a primary surplus.

7 There are dozens of European banks in danger of failing.

Nobody wants to 'throw any more money into those black holes'.

We could start to see banks fail in rapid succession.

Charles Wyplosz, a professor of international economics at Geneva’s Graduate Institute, says:

"Banks will collapse, including possibly a number of French banks that are very exposed to Greece, Portugal, Italy and Spain."

8 According to financial journalist Ambrose Evans-Pritchard, European banks need to reduce the amount of lending on their books by about 7 trillion dollars in order to get down to safe levels.

9 European banks are overloaded with worthless assets that have a book value of trillions of Euros.

10 Either the Germans will have to allow the ECB (European Central Bank) to print money out of thin air to buy bonds with, or, "we will finally see the market determine the true value of European government bonds."

11 Huge amounts of European sovereign debt are scheduled to be 'rolled over' next year (Money is due to be paid back to lenders; so new money must be borrowed.).

The poor cannot afford to shop anywhere on the fancy commercial streets....12 Once the new treaty is ratified, eurozone governments will lose the power to dramatically increase government spending.

The coming recession could become a full-blown depression.

13 Credit rating agencies are warning that more credit downgrades may be coming in Europe.

14 S&P has put 15 members of the eurozone (including Germany) on review for a possible credit downgrade.

15The stock prices of many major European banks are in the process of collapsing.

16 Bank 'runs' have been reported in certain parts of Europe.

At the start of 2010, savings and time deposits held by private households in Greece totaled €237.7 billion.

By the end of 2011, they had fallen by €49 billion.

Savings fell by a further €5.4 billion in September and by an estimated €8.5 billion in October.

17 Economic activity is slowing down.

In October, Japanese machinery orders dropped 6.9%, following an 8.2% drop in September.

South Africa has recently reported a 5.6% drop in manufacturing activity.

Britain recorded a 0.7% decline.

China’s October exports fell 1.7% after dropping 3.8% in September.

Korea’s exports are down three consecutive months. Singapore’s were off in September and October. Indonesia’s plunged 8.5% in October after slipping 2% in September. India’s dropped 18.3% after being flat in September.

"Brutal austerity + toxic levels of government debt + rising bond yields + a lack of confidence in the financial system + banks that are massively overleveraged + a massive credit crunch = A financial implosion of historic proportions."

What governments could do:

1. Nationalize or close down the zombie banks everywhere globally....

Nationalize the US Federal reserve....and the ECB. STOP Corruption at the TOP and End ALL Wars and regional conflicts peacefully NOW. Straiten the UN Body politics and Veto powers and end its utter corruption. Slash intelligence budgets everywhere since it has proven to be utterly futile, biased towards crooked policies [9/11...comes to mind] and useless....

2. Get government financial institutions to lend to business.

3. Ban the trade in 'derivatives' and other forms of gambling by banks and financial institutions.

4. Slash spending on defense and handouts to the rich.

Increase taxes on the rich and on corporations taxation's loop-holes.....